I have an single member LLC with a tax ID and have kept all the business financials separate from personal. Do I file my taxes with my personal or as a separate business?

[JulieH1 · Accepted solution]

You can choose how you want to do it.

Like a traditional LLC, a single-member LLC can elect to be taxed as a corporation. If you do that, you need TurboTax Business.

 If you don’t make this election, however, your single-member LLC is treated as a “disregarded entity.” In other words, you won’t be required to file a separate tax return for your LLC. Instead, you can continue to report your self-employment income on Schedule C which can be done on TurboTax Home and Business.

[thejourneyinprog]

Can a bankrupted LLC be also shown on Schedule C - single member LLC not elected to file as S-Corp or C- Corp?